Buy-now-pay-later startup Fundiin raises US$1.8m in seed round

FUNDIIN, a "buy now, pay later" (BNPL) startup based in Vietnam, has raised US$1.8 million in a seed round.

Investors included Japanese funds Genesia Ventures and JAFCO Asia, along with former Affirm executives, Trihill Capital, individual investor Pham Le Nhat Quang and existing investors 1982 Ventures and Zone Startups Ventures.

The funds will be used to expand the company's operations and strengthen the executive team.

Fundiin was founded by fintech executives Nguyen Anh Cuong and Vo Hoang Nam to provide BNPL options to Vietnam's rising middle class.

BNPL extends credit to consumers - at zero cost - and insteads charges merchants for the service. It helps retailers increase sales.

Fundiin launched its product in mid-2020 and works with over 100 merchants including Lug, Vua Nem, Mat Viet and Giant International.